Shareholders of KindlyMD, Inc., a healthcare service provider, have given the green light for a merger with Nakamoto Holdings, a company founded by David Bailey, who serves as a crypto advisor to former President Donald Trump.
Nakamoto Holdings, which is newly established and aims to create a network of Bitcoin-related businesses, plans to file an information statement with the Securities and Exchange Commission on May 20.
The merger is set to occur 20 days after both companies share the information statements with KindlyMD shareholders. It’s anticipated that the deal will be completed in the third quarter of 2025.
On May 20, KindlyMD’s stock (KDLY) saw a 9% increase, reaching $15.22 during trading, and further gained an additional 4.8% after the merger approval announcement. This impressive performance has put the stock up by nearly 979% this year.
The merger announcement was made on May 12, indicating that the combined entities plan to utilize stocks, debt, and various options to develop multiple Bitcoin-native businesses. Additionally, they aim to bolster the finance sector by accumulating Bitcoin (BTC).
Growing Corporate Bitcoin Holdings
Recent insights from the Bitcoin investment firm River highlight that an increasing number of public companies are incorporating Bitcoin into their financial statements, outpacing retail investors and funds from exchanges.
Strive, led by Vivek Ramaswamy, announced on May 20 that it plans to acquire Bitcoin associated with the Crypto Exchange Mt. Gox, targeting the purchase of 75,000 BTC at a reduced price.
Related: Bitcoin open interest reaches record highs as bulls push for new BTC values
In a previous update from MicroStrategy on May 19, the company revealed that it had acquired 7,390 BTC for $765 million. The company’s leadership is also facing a class action lawsuit claiming they misrepresented the nature of their Bitcoin investments.
Earlier this month, Stablecoin issuer Tether invested $459 million in Bitcoin via 21 capital, and is awaiting the closing of a merger with Cantor Equity Partners through a Special Purpose Acquisition Company (SPAC).
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